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Fitch rates Regal Rexnord notes BBB-
Fitch Ratings said it assigned Regal Rexnord Corp.'s (RRX) and Land Newco, Inc.'s senior unsecured debt BBB- including RRX's planned senior unsecured notes offering to fund the Altra Industrial Motion Corp acquisition.
“The ratings are aligned with RRX's long-term issuer default rating (IDR) reflecting average recovery prospects, the equal ranking of the notes with other senior unsecured debt. The notes are guaranteed by RRX and its subsidiaries on a senior unsecured basis,” Fitch said in a press release.
The proceeds, borrowings under the term loan credit facility and cash on hand, will be used to fund the purchase of Altra for $4.95 billion.
The outlook is stable.
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